Gmail to Allow Money Transfers by Email via Google Wallet

Google is rolling out a new feature in Gmail to allow users to attach money within an email via Google Wallet.

A new button ($) the dollar sign, in the Gmail compose box will allow you to easily send money to whom ever you need or want.

After clicking on the money symbol, all you have to do is enter in an amount and select the source from which the money will come from, can be a credit or debit card. After that, all you do is click “Attach” and then type an email message and send it all off.

To receive a payment, all you do is click on “Claim Money” and you’ll be depositing the money into your linked Google Wallet account. Google says for first timers, money left unclaimed for 14 days will be returned to the sender, but once you’ve verified your identity and claimed money for the first time, any money that is sent to you in the future will be automatically added to your Google Wallet Balance.

The catch? While it may be ‘free’ to send money directly from your bank account or using your Google Wallet Balance. “There’s a flat fee of 2.9% per transaction (minimum $0.30) to send money using a credit or debit card. Receiving money is always free regardless of the funding source the sender chooses.” Google wrote in their Blog.

“There’s a transaction limit of $10,000 USD and a $50,000 USD transfer limit per 5 day period.” Google notes, “You can send money using your bank account, but can take up to 10 business days to complete. Sending money using your credit or debit card is almost immediate, and usually takes up to a couple of minutes.”

Sending money in Gmail is currently only available on desktop, but you can send money from Google Wallet from your phone or laptop if you log into wallet.google.com. You will just need to have a Google Wallet account set up to send and receive money.

The nice thing about Google Wallet is the protection. Google Wallet Purchase Protection covers you 100% against eligible unauthorized payments.

This might be Google’s answer in competing with PayPal. PayPal currently dominates the online money market.

Send money with Gmail and Google Wallet

Using Gmail and Google Wallet, you can quickly and securely send money to friends and family within the U.S.

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